UBQ Materials, a climate technology company specializing in the development of a plastic alternative derived from waste, has announced the successful closure of a $70 million funding round.The financing round was led by Eden Global Partners and included participation from existing investors, such as TPG Rise Climate, TPG’s Rise Fund, Battery Ventures, and M&G’s Catalyst strategy.UBQ Materials is known for its bio-based thermoplastic, UBQ, which offers an environmentally friendly alternative to fossil-based plastics. The company specializes in converting residual household waste diverted from landfills or incineration, including organic materials, into a highly recyclable thermoplastic material.
Several notable industry brands, including Mercedes-Benz, PepsiCo, and McDonald’s, have already incorporated UBQ into various products, ranging from car parts to footwear, pallets, display stands, panels, and planters.The newly raised $70m.n in funding represents a significant milestone for UBQ Materials, providing vital support for the company’s commercial expansion, sales, and marketing efforts as it continues to expand its global presence.The company intends to use the latest funding to establish additional facilities in Europe and North America, as well as to open an industrial-scale facility in the Netherlands which is projected to have an annual production capacity of 80,000 tons of UBQ, capable of converting approximately 104,600 metric tons of waste into a new raw material each year.
In addition to its expansion plans, UBQ Materials is committed to robust research and development efforts, focused on developing new product lines tailored to meet the functional and performance requirements of industries, including building and construction, consumer durables, automotive, logistics, and supply chain.
Reactions to the company's growth
“UBQ is a pioneer in its space with the power to redefine global sustainability at scale,” said David Dwek, CEO of Eden Global Partners. “We believe the market opportunity for UBQ’s materials is enormous and look forward to supporting UBQ’s world-class management team as they continue to grow the business.”Albert Douer, Co-CEO and Chairman of UBQ Materials, stressed the importance of mass adoption for UBQ, stating that “UBQ as a sustainable material option can have a huge impact – but only with mass adoption. This means building UBQ facilities on a world scale, which requires significant expansion and funding. Adding Eden Global Partners to our heavy-hitting investor list fuels our rapid growth trajectory as we continue to invent new material solutions that will expand humanity’s ability to use waste as a raw material.”